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The IMF approves a $7 billion loan for Pakistan, which will get $1 billion immediately

ISLAMABAD (AP) — Pakistani officials say the executive board of the International Fund has approved a new $7 billion loan for the country. The loan is aimed at boosting Pakistan’s ailing economy. Prime Minister Shehbaz Sharif in a statement hailed the deal that his team had been negotiating with the IMF since June. The fund’s immediate disbursement will be around $1 billion, according to the global lender. While the IMF praised Pakistan for taking key steps to restore economic stability, it also warned that the country’s challenges and vulnerabilities remain formidable.

Article Topic Follows: AP National

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